VA Loans Benefit Veterans

VA LOANS BENEFIT VETERANS

 

VA loans are an amazing benefit for veterans. Did you know that only three out of 10 veterans know about VA loans and how they can help them achieve the dream of homeownership? If you are serving or have served in any of the the US military services and had a honorable discharge, you should be eligible for a no money down, 100% VA loan to buy a home. VA loans have helped more than 24 million service members become homeowners and build their families’ wealth since 1944.

 

VA loans are a type of mortgage loan guaranteed by the US Department of Veterans Affairs (VA). They are available to eligible veterans, service members, and surviving spouses. To be eligible for a VA loan, you must meet certain service requirements and have a Certificate of Eligibility (COE). You can apply for a COE online or by contacting your local VA regional loan center. Once you have your COE, you can start shopping for a VA lender. Most private lenders offer VA loans, so you should be able to find one that meets your needs.

 

Advantages of VA loans include:

• Options for No Down Payment: Qualified borrowers can often purchase a home with no down payment. That’s a huge weight lifted when you’re trying to save for a home.
• Limited Closing Costs: There are limits on the types of closing costs you pay when you qualify for a VA home loan. So, more money stays in your pocket.
• No Private Mortgage Insurance (PMI): Many other loans with down payments under 20% require PMI. VA loans do not, which means veterans can save on their monthly housing costs.

 

Tips for getting a VA loan:

• Get pre-approved for a loan before you start shopping for a home. This will give you an idea of how much you can borrow and what your monthly payments will be.
• Compare offers from multiple lenders to get the best deal.
• Work with a lender who is experienced with VA loans.
• Be prepared to provide documentation of your military service and income.
• Work with a real estate agent who has experience working with veterans and VA loans.

 

The infographic below provides information about who is eligible for a VA loan, about the kinds of properties you can buy with a VA loan, and how VA loans benefit veterans.

 

It’s been my honor and pleasure to work with many veterans in my 30+ year career as a real estate broker. If you’re a veteran looking to buy a home and financing it with a VA loan, reach out to me. It would be my honor and pleasure to help you on your path to homeownership. I can introduce you to some of Greater Charlotte’s top VA mortgage lenders.  Thank you for your service.